India may ban Bitcoin

[tephrafrizzy4]

The finance minister of India considers Bitcoins as illegal and its of no use.

[tinnedchatting]

The government of India has made Bitcoins illegal.

[Sgrocks]

Arun Jaithley said bitcoin is illegal but not the blockchain technology
They may adapt blockchain technology in future for various government schemes or related services, but regarding both the legality and such adaption there is no specific guidelines or info provided yet.

So it's still wait and watch as Companies like Zebpay and Unocoin still operating.

[niket11111]

This is just a speculation. Why would India ban bitcoin if people are paying tax on cryptocurrency and government is getting benefitted. Government is Greedy... Whether it's a pan shop or bitcoin... As long as these guys will get taxes they are not banning anything

[endlasuresh]

This is just a speculation. Why would India ban bitcoin if people are paying tax on cryptocurrency and government is getting benefitted. Government is Greedy... Whether it's a pan shop or bitcoin... As long as these guys will get taxes they are not banning anything

They are just spammers, until they get a bribe, but Bitcoin needs to remove from India as this is not a known company or known person who runs Bitcoin.

[iram1011]

With appointing Ajeet Khurana, the CEO at Zebpay, as the head of Blockchain and Cryptocurrency Committee, government has indicated that they aren't going to ban cryptocurrencies in India. But are in the process of formulating the regulations for the same. Recently Zebpay joined hands with ClearTax to help investors file tax on Bitcoin gains. This shows that there ain't any ban coming in future, but a proper framework to tax and regulate cryptocurrencies. Also, the recent G20 verdict regarding pushing the use of cryptocurrencies and giving them a boost also indicates towards a positive conclusion from the Blockchain and Cryptocurrency Committee.

[endlasuresh]

With appointing Ajeet Khurana, the CEO at Zebpay, as the head of Blockchain and Cryptocurrency Committee, government has indicated that they aren't going to ban cryptocurrencies in India. But are in the process of formulating the regulations for the same. Recently Zebpay joined hands with ClearTax to help investors file tax on Bitcoin gains. This shows that there ain't any ban coming in future, but a proper framework to tax and regulate cryptocurrencies. Also, the recent G20 verdict regarding pushing the use of cryptocurrencies and giving them a boost also indicates towards a positive conclusion from the Blockchain and Cryptocurrency Committee.

That is a shit company and they are looking for their own food instead of investing into unknown companies.
For Govt too they are looking for their own food by taxing poor people.

Do you know Bitcoin will strive forever or does it bring profit?

[TUSHAR@1908]

Government have already banned all the Cryptocurrency in India. They are fools because neither they have a brain to understand what Cryptocurrency is nor they can understand how useful it will be for future.
I hope soon the Government changes and someone reliable and intelligent person hold the chain of government.

[deepakg2m]

http://www.financialexpress.com/economy/why-finance-ministry-panel-said-no-to-bitcoin-and-other-virtual-currencies/790455/

Govt may declare Bitcoin illegal in India.

Its not true. You cannot come to an outcome with this news.
Government of india is trying to understand technology of blockchain and bitcoin. And soon its going to regulate in India.
Bitcoin and blockchain based technology has very bright future in India.

I agree ,because Indian Government is now supporting technology a lot for benefits of the Indian citizens .Many programmes run by government are utilizing internet ,advanced technologies for fast and better services.So cryptocurrency will also be very soon legalised.

[merc1969]

Did any one listen to the RBI monetary policy today ? There was a mention of Bitcoin operators to be made illegal - I didnt quite catch it , but if anyone who heard the RBI Governer talking today, maybe he could explain ? Else will have to wait for some news bytes to come in to make a clearer picture.

[merc1969]

This is the minute from todays RBI monetary policy report -

"MPC has decided that entities regulated by RBI cannot deal with or provide services to any individual or business entities dealing with or settling virtual currencies like bitcoin."

My understanding on this is that Banks (entities regulated by RBI) would not be supporting any of the bitcoin service providers in india ( zebpay / Unocoin etc ) in any of their settelment processes . That means that  linking your bank account with these service providers to withdraw INR from bitcoin exchanges would be deemed illegal from now on. Not sure how banks would take into account the already liked zebpay/unocoin accounts . Its wait and watch .
Anyone having any other view ?

Did any one listen to the RBI monetary policy today ? There was a mention of Bitcoin operators to be made illegal - I didnt quite catch it , but if anyone who heard the RBI Governer talking today, maybe he could explain ? Else will have to wait for some news bytes to come in to make a clearer picture.

[merc1969]

Here's more news on this

http://www.financialexpress.com/market/cut-all-ties-with-bitcoin-cryptocurrencies-rbi-tells-banks-financial-institutions/1122629/

This is the minute from todays RBI monetary policy report -

"MPC has decided that entities regulated by RBI cannot deal with or provide services to any individual or business entities dealing with or settling virtual currencies like bitcoin."

My understanding on this is that Banks (entities regulated by RBI) would not be supporting any of the bitcoin service providers in india ( zebpay / Unocoin etc ) in any of their settelment processes . That means that  linking your bank account with these service providers to withdraw INR from bitcoin exchanges would be deemed illegal from now on. Not sure how banks would take into account the already liked zebpay/unocoin accounts . Its wait and watch .
Anyone having any other view ?

Did any one listen to the RBI monetary policy today ? There was a mention of Bitcoin operators to be made illegal - I didnt quite catch it , but if anyone who heard the RBI Governer talking today, maybe he could explain ? Else will have to wait for some news bytes to come in to make a clearer picture.

[ershovspa]

So the big investors will have to set up accounts outside Indian to invest in crypto now. This is a bad news for small investors.

[ralfshu]

Government have already banned all the Cryptocurrency in India. They are fools because neither they have a brain to understand what Cryptocurrency is nor they can understand how useful it will be for future.
I hope soon the Government changes and someone reliable and intelligent person hold the chain of government.

Finance minister just said that it's not legal tender. Govt. Of India has maintained same stance since last three years.

[djbabu]

Hi,

So bitcoin is finally banned

http://epaper.bhaskar.com/detail/56625/4614031911/mpcg/map/tabs-1/2018-04-06%2000:00:00/172/12/image/

[kimochidesh]

There are many rumors spreading like these in the market. But I don’t think so this will happen because banning Bitcoin is not a small step. As there are so many people investing and having faith in Bitcoin, it won’t be easy for the government to ban it. Yes they can try to add some regulations regarding it to minimize frauds.

[sunilnagaraja1996]

yes, bitcoin is going to ban in three months after so finally ban in Indian and indian government told in all news channels.

https://www.quora.com/Is-bitcoin-going-to-be-banned-in-India-in-2018

[spartak-sbk]

It is unlikely that bitcoin it will be banned .....

[girirohit957]

India didn't declares it illegal yet , and I hope india will never do it in future , crytpo is the future , blockchain technology is the future , that's why they made a committee to understand it and if it possible and beneficial for economy, they will implement it ,

Check the news

Committee head clarifies cryptocurrency not illegal india

[shekhar0005]

Govt may not ban bitcoin officially. It has already taken action on it through RBI.
RBI announced that regulated entities already providing services to any individual or business dealing in digital currencies have been given three months to exit the relationship.


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